Vehicle leasing in Spain accelerates by almost 12% with petrol and diesel-power leading the field

The leased vehicle trade has accelerated in Spain, with 223,957 operations registered up to August this year, new data shows.

The figure of passenger cars, commercial vehicles, agricultural vehicles and off-road vehicles leased out is an 11.6% increase compared to the previous year, according to figures provided by the Asociación Española de Leasing y Renting (AELR).

The figures mean that around one in four vehicles - 24.6% - that were registered in Spain last month were destined for the leasing market. Most notably, car leasing increased by 10.7% to 178,260 transactions; 35,937 vans were leased, up 20.6%; 5,955 SUV leasing transactions were signed, a decrease of 9.5%.

Lorry leasing contracts amounted to 2,683, some 38.2% more while agricultural vehicle leasing was 11.9% less at 1,072 operations.

Up to August this year, 86,376 diesel vehicles were registered for leasing, which is 38.6% of the total number of vehicles leased. Petrol vehicles registered for lease accounted for 128,985 - 57.6% of the total. Meanwhile, electric, liquefied petroleum gas and compressed natural gas vehicles together accounted for 3.8% of the total number of vehicles rented at 8,593.

According to José Coronel de Palma y Martínez-Agulló, president of the AELR said: "automotive leasing is maintaining the good overall trend of this year, supported by the preference for this vehicle ownership formula of both companies and individuals. It is also relevant that 24.6% of operations - that is, nearly one out of every four vehicles - are already formalised through leasing. We hope to continue on this positive path in the future".

The total investment made in the acquisition of new vehicles by leasing companies at the end of August 2024 reached 5.09 billion euros, 14.20% more than at the end of August 2023, when an investment of 4.45 billion euros was recorded.

José-Martín Castro Acebes, president of the Asociación Española de Renting de Vehículos, said: "despite the fact that August is never a good month for registrations, due to its very low commercial activity, leasing maintains its favourable evolution in the accumulated figures and registers an increase in registrations so far this year of more than 12% and 14.20%. We are confident that the economic and social situation in the coming months will be favourable and that both leasing and the overall market will be able to close a satisfactory year".

Renault, Volkswagen, Toyota, Citroën and Peugeot are the most popular car marques in the leased vehicles market.